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The conclusion of a three-day meeting of the finance ministers of the Group of Seven (G7) wealthy countries is scheduled for Saturday, and is expected to be overshadowed by the impasse over the U.S. debt ceiling and the effects of Russia’s invasion of Ukraine.
The meeting in Niigata, Japan, took place as concerns over a US default fueled anxiety about the global outlook, which was already hampered by persistently rising inflation and US bank failures.
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The leaders will state in a final draught of a communique seen by Reuters that “the global economy has shown resilience against multiple shocks, including the COVID-19 pandemic, Russia’s war of aggression against Ukraine, and associated inflationary pressures.”
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In light of the increased uncertainties surrounding the prospects for the global economy, we must maintain our vigilance and remain adaptable and flexible in our macroeconomic policies.
The standoff over the U.S. debt ceiling, which affects markets at a time when borrowing costs are rising as a result of aggressive monetary tightening by the U.S. and European central banks, is not likely to be mentioned in the communiqué.
Janet Yellen, the secretary of the US Treasury, stated on Friday that.
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On the eve of the G7 meeting, World Bank President David Malpass told Reuters: “Clearly, distress in the world’s largest economy would be bad for everyone.” “Not completing it would have bad consequences.”
The leaders have also been thinking a lot about China, with this year’s chair, Japan, leading initiatives to diversify supply chains and lessen their disproportionate reliance on the second-largest economy in the world.
According to the plan, the G7 finance ministers will decide to establish a new programme to diversify global supply chains by the end of the year.
The new plan calls for the G7 to provide funding to low- and middle-income nations so that they can participate more actively in the supply chains for energy.
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